The Costs Of Renting A House

Figuring out the costs of renting a home are relatively simple when comparing all the expenses that go into owning a home. As a renter, in most cases, you do not have to worry about a mortgage payment, or real estate taxes, maintenance, property upgrades, or homeowners association dues. Not having these expenses makes figuruing out your home renting costs easy.

The first major expense of renting a home is obviously your rent payment. This is kind of a no brainer. Mostly you need to look for homes that rent in your price range. Never be afraid to try to negotiate a price for a rent payment if you are negotiating for a home that is rented by the owner, or by a property manager. If you are looking to rent in an apartment complex chances are you won't have much negotation power, but it never hurts to ask.

• Renting Tip: As you negotiate for your monthly rent payment, make sure you can pay your monthly payment in some form of payment that you can document like a check, credit card, money order or a bank drafted check. One of the most important credit accounts you have is your housing payment. This is especially true if you are looking to buy a home in the future.
   
• Paying your rent with cash has several drawbacks - mostly because you can't track your payment history. You have to rely on the management company or landlord to give you a receipt or a copy of their payment ledger which could be doctored. Cancelled checks don't lie so cover your basis as much as you can.

As a renter you may or may not have to cover utilities. Make sure you ask about whether or what utilities are covered in your monthly rent. If you are responsible for paying for utilities in a rental home (most likely you will be) make sure you ask about the heating and cooling costs throughout the year. You don't want to get into a situation where the home is impossible to heat or cool without you having to spend an arm and leg.

One last expense that you should have your eye on is renter's insurance. Renter's insurance protects you and your belongings in the event of a fire or other event where you could suffer personal property loss and even personal injury. Your landlord's policy will most likely not cover your stuff - so you must protect it. Home renter's insurance is not a huge expensive burden and it could save you from having to pay out of pocket to replace everything you own should you be unfortunate enough to suffer a fire in your rental home.